-Refer to the information above to answer this question.What is the effect if price is currently $5?
Definitions:
Long Run Equilibrium
An economic condition where all factors of production and costs are variable and the market is fully adjusted to any changes.
Short Run Equilibrium
A situation in economics where demand and supply are balanced at current prices within a short timeframe.
Contractionary Gap
A situation where the real GDP is lower than the potential GDP at full employment, indicating underutilized economic resources.
Expansionary Gap
An economic situation where the actual output exceeds the potential output, often leading to inflation.
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